SBI lists green bonds MTNs
State Bank of India (SBI) completed a maiden green bond offering as well as Medium Term Notes (MTN) issue on the Global Securities Market (GSM) platform of Bombay Stock Exchange’s India International Exchange (India INX). India’s largest lender issued US$650 million in green bonds and raised US$10 billion from the MTN programme. J Sagar Associates (JSA) was the legal adviser to SBI on the offerings. The JSA team comprised joint managing partner Dina Wadia and partner Uttara Kolhatkar.
Court stays Hyundai fine
The Supreme Court stayed the Competition Commission of India’s (CCI) ₹4.2 billion (US$58 million) penalty on Hyundai Motor India (HMIL) for restricting supply of genuine spare parts. HMIL had approached the Supreme Court after the National Company Law Appellate Tribunal (NCLAT) refused to grant a stay on the CCI order and directed the carmaker to deposit 10% of the penalty imposed and to comply with the regulator’s directions with immediate effect. The stay on the CCI order has in effect also stayed the NCLAT Order. J Sagar Associates (JSA) acted as the legal advisor in HMIL’s appeal filed before the Supreme Court. The JSA team comprised partners Amitabh Kumar and Vaibhav Choukse, senior associate Ela Bali and associate Akansha Mehta.
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MagicPin raises series C funding
Gurugram-based hyperlocal discovery platform MagicPin raised US$20 million in Series C funding. The round was led by Lightspeed and joined by Waterbridge, Trifecta, Moonstone and Bunting Family Foundation. Link Legal advised Lightspeed and other investors. Link Legal conducted legal due diligence on the company and drafted and negotiated the transaction documents. The Link Legal team comprised partner Manish Gupta, principal associate Vinu Peter and associate Disha Toshniwal. The team was supported by associates Anubhuti Bhardwaj and Rashi Singh to carry out the due diligence. Trifecta was represented by Nishith Desai & Associates and other co-investors and the company were represented by their in-house legal teams.
Avenue buys into ARCIL
US-based Avenue Capital, through its investment vehicle Avenue India Resurgence, picked up a 27% stake in Asset Reconstruction Company of India (ARCIL), the country’s oldest asset reconstruction company, for more than US$20 million. As part of the deal, six existing shareholders, IDFC, Lathe Investments, Barclays Bank, Karur Vysya Bank, First Rand Bank and Quiveo Enterprises (Ashmore Capital), will sell their shares. Avenue Capital will become the largest shareholder in ARCIL after the transaction. The deal is awaiting RBI approval. AZB & Partners was the legal adviser to ARCIL. Partners Ashwin Ramanathan and Roxanne Anderson led the AZB team.
Intertape buys out Powerband
Intertape Polymer Group, a Montreal, Canada-based manufacturer of packaging products and machinery, acquired a 26% ownership stake in Powerband Industries (Powerband) from the founding Desai family at an enterprise value of US$40 million. After the transaction, Powerband becomes a wholly owned subsidiary of Intertape. Daman-based Powerband is a global supplier of acrylic adhesive-based carton sealing tapes and stretch films. Majmudar & Partners was the Indian legal adviser to Intertape, led by partner and head of M&A and competition practices Rukshad Davar. Pillsbury Winthrop Shaw Pittman acted as the US legal counsel. Wadia Ghandy & Co represented the Desai family.
Softbank invests in solar project
SB Energy, a Softbank Group entity, has invested in Essel Infraprojects’ 600 megawatt (MW) solar project in Rajasthan. The Essar group company and SB Energy will jointly develop the project. This gives SB Energy access to India’s single largest solar power project, in terms of generation capacity, in a single location. The power project can be expandable by an additional 150 MW. Link Legal was the adviser to SB Energy and its team comprised partners Dinesh Pardasani, and Shashwat Kumar and senior associate Dhruv Chopra.
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